PANDEMIC IMPACT ON GROWTH

In a report issued on Monday, the National Institute of Statistics (ISTAT) forecast the Italian gross domestic product (GDP) would contract by 8.3 percent this year, followed by a partial recovery of 4.6 percent in 2021.

"This year, the GDP fall will be determined mainly by domestic demand net of inventories (-7.2 percentage points), due to the contraction of consumption by households and non-profit institutions serving households (-8.7 percent), and of investments (-12.5 percent)," ISTAT stated.

"Net exports and inventories will also contribute negatively to the GDP growth, respectively by -0.3 percentage points and -0.8 percentage points."

In its forecast analysis, ISTAT took into account that the entire global economy would be affected by the coronavirus pandemic in 2020.

Yet, the institute noted, the COVID-19 crisis impacted on Italy's economy in a delicate phase in which the domestic cycle was already "marked by signs of weakness (-0.2 percent was the GDP variation in the fourth quarter of 2019 against the previous quarter)."

The forecast was based on the assumptions that the Italian economy would return to growth in the third and fourth quarter of this year, and relied on the hypothesis that the country will not suffer a second wave of contagion, ISTAT explained.

Overall, however, the recovery was expected to truly strengthen from next year.

【国际英语资讯:Pandemic trend continues to improve in Italy,GDP forecast to drop 8.3 pct in 2020】相关文章：

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